Legacy Partners is planning on breaking ground on its transit-oriented apartment development in Bellevue, Wash., after securing construction financing. JPMorgan Chase provided the nearly $91.9 construction loan to the firm and its joint venture partner New York Life Real Estate Investors to build Bellevue Station. Cushman & Wakefield represented the borrower in the transaction.

With financing in place, construction for Bellevue Station is expected to start in early September but is subject to the City of Bellevue’s permitting process. The developer is expecting to complete the Encore Architects-designed community in the first quarter of 2025, tapping Compass Construction as the project’s general contractor.

When completed, Bellevue Station will offer 288 units in studio, one-, two- and three-bed units that range from 460 to 1,636 square feet. The community will have 230 of its units set at market rate, while the remaining 58 units will be designated as Multifamily Tax Exemption units and reserved for those making 80 percent of the area’s median income.

The units will be built with stainless steel appliances, quartz countertops, in-unit washer/dryers, air conditioning and gas ranges in most units. Bellevue Station’s common amenities will include a gym, coffee bar, rooftop clubroom, games room and a coworking space. Located at 1525 132nd Ave. NE in the Bel-Red submarket of Bellevue, the community is next to Sound Transit’s new light rail station for its East Link line.

Prior to the construction loan, the same Cushman & Wakefield team of Dave Karson, Chris Moyer and Keith Padien arranged the joint venture equity for the Bellevue Station project. New York Life Real Estate Investors joined onto the project as joint venture partners in March, providing an undisclosed amount of financing.

On its own, Legacy Partners has several other multifamily communities in Washington, including in Seattle, Redmond and Renton. In November 2021, the firm and its project partner Lionstone Investments broke ground on the redevelopment of a former shopping center in Redmond into a 632-unit community.

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